Warren Buffet earned his first 1st Million dollar in the age of 30 because he had started earning at the age of 13. He always do thinking about investments and businesses. But a normal person may have lot of time to earn this amount. There is no benefits of being rich at the age of 80s. Today I'll share you some tips to achieve your goal and become rich in your early age.
So let's get started......
If we want to become in rich in early age then we should learn the law of affection. Law of affection not law of attraction. You can't prove the law of attraction with science but no one can disagree that 2+2=4. We have to believe on maths and calculations not in fiction. This law teaches us the more you affect the live of people the more you get rich. Let's learn this with a simple example.
Suppose, a real state investor buy a big hall an divide it into 14 parts to make shops. He got 4 lakhs profit from each shop and his total profit equals to 56 lakhs. In this example, he doesn't affect more lives means there is no scalability in it but impact every live with high magnitude that's why he got 4 lakhs profit per customer. In the second example, imagine, a boy called Umar wrote a book and he earned 7 rupees profit per book and his book is bought by 80 lakhs customers that means his total profit is 56 lakhs.
In this example, every person or every live impact very less but the scalability was high. Now the questions comes how we can execute the law of affection in our real life. For this there are some directive that we should have to strictly follow.
1. The Directive of Need
Don't think what you like, think what people likes and what they people wants. Don't follow your passion to make money. Follow the need of your surroundings. You should ask your self these three questions before starting any business.
- Is there anybody interested in my particular business in my neighbourhood?
- What are the defects in other's business which I'm going to start that should be improved in my business?
- What are the extra values that I can provide to customers?. First analyze your area what is the need sod people that are not provided to them already. Then you can grow your business otherwise you can't exist in market.
2. The Directive of Entry
Have you seen the ads that open a store in Amazon and earned millions per month? If you seen these ads then definitely you thought that is it true or not. Obviously, it's is true but the problem is there is no entry barrier in these type of businesses. If you got success in this business on Amazon and you started seeking cheap product but it's is not authentic because there is no barrier.
Other people can also copy your business that's why you can't exist for long term. Directive of entry means nay business that can be copied. For example, if you are doing network marketing, then most probably the other people around you also doing network marketing due to this now one is earning enough expect 5 to 10 persons. You can be successful in these type of businesses if you have your own networking business and others are participating in it.
3. The Directive of Control
A man who joined network marketing company and he was the person who earned good money from network marketing but one day that company changed their product line. Due to this reason, the commission of that man reduced and the income streamed goes to zero. This happens because he never knows the directive of control.
Directive of control tells us, that there is only a sustainable business in which we have a strong control on it. A Control on product pricing and revenue model. If we don't have control that means we are not a driver we are passenger that may be dropped any time any where. Because driver give jobs instead of doing job.
They take rent and royalties instead of of paying them. For example, on YouTube Channel the complete control is on YouTube Hands they can reverse your monetisation or change any policies any time.
4. The Directive of Scale
If we are traveling on car on the rough road then our speed will be 20 to 25 km per hour and if we are traveling in a plane then our speed will be 800 to 900 km per hour. We acquire speed in business by scaling means to deliver your product to lots of people. If our product is just serving to a local community then it is like we are fishing in a small pool.
If our product to service is serving to city then it can be consider we are fishing in a pond. If we are lunching our product in whole country then we are fishing in a sea. For example, you owned a shop of sandwiches in a city and you can just sell 500 sandwiches per day. To follow the directive of scale you should think that how can I see 10,000 sandwiches in a day. Am I able to sell my franchises like McDonald's?
And you should think that how can is increase my profit on per sandwich. You can sell the whole dinner and you can earn a profit of 200 rupees per family instead of only one sandwich that is giving you juts 5 rupees profit per sandwich. You should brood your mind and think creative.
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